Additional European Equity News

Ashtead (AHT LN) – 9-month (USD): PBT 1.28bln (prev. 0.93bln), Revenue +19%, Rental Revenue +21%. Expect FY results slightly ahead of prior expectations, capital expenditure to be slightly ahead of prev. guidance. (Newswires)

Automakers - EPA proposes stronger standards for heavy-duty vehicles to promote clean air, protect communities, and support transition to a zero-emissions future. (EPA)

British Land (BLND LN) - Co. and AustralianSuper announced a JV. (Newswires) 

Danone (BN FP) - Co. guides FY22 LFL sales +3-5% with recurring operating margin seen above 12%. (Newswires)

Direct Line (DLG LN) – FY21 (GBP): Operating Profit 581mln (prev. 522mln), Diluted Share 0.241, -5.5%. Propose a final ordinary dividend of 0.151/shr, taking the total to 0.227/shr. Intend to commence a further share buyback programme of up to GBP 100mln, across two equal tranches. (Newswires)

Dufry (DUFN SW) - FY21 (CHF) revenue 3.92bln (prev. 2.56bln). Adj. EBIT -66.2mln (prev. -2.50bln). (Newswires)

Fresnillo (FRES LN) - FY21 (USD): Total revenue 2.703bln (prev. 2.430bln Y/Y). Adj. revenue 2.847bln (prev. 2.608bln). EBITDA 1.206bln (prev. 1.169bln). Basic and Diluted EPS (ex-post-tax) 0.572 (prev. 0.440). Production (kOz): Silver 53,095 (prev. 53,050). Gold 751,203 (prev. 769,618). Silver production was modestly below Co. guidance whilst Gold production was ahead of guidance. Fresnillo remains positive about the outlook for precious metals prices which will support the financial performance of the business. (Fresnillo)

Greggs (GRGS LN) – FY21 (GBP) Total Sales 1.23bln (prev. 0.811bln), pre-Tax Profit 145mln (prev. -13.7mln), LFL sales -3.3% vs 2019. EPS 1.143 (prev. -0.129). Announce a special dividend of GBP 0.40/shr. Commenced 2022 well, cost pressures are more significant than initially expected. Do not currently expect material profit progression in the year ahead. (Newswires)

Ipsen (IPN FP) - New patient-reported data demonstrated high satisfaction levels and fewer patients reporting injection-site pain with Somatuline Autogel/Somatuline Depot. (Ipsen)

IWG (IWG LN) - announces the merger of digital assets with Instant Group; will invest around GBP 270mln. (Newswires) 

Orange (ORA FP) - Co. has entered into exclusive discussions with Spain's Masmovil Ibercom to expand operations in the country. (Newswires)

Lindt & Spruengli (LISN SW) - Upgraded mid-term guidance to 6-8% sales growth. (Newswires)

Schaeffler (SHA GY) - FY21 (EUR): Revenue 13.9bln (exp 13.8bln). Adj. EBIT 1.27bln (exp. 1.23bln). Co. raises dividend. Co. has suspended its FY22 outlook amid major geopolitical and economic uncertainty caused by the war. (Newswires)

Ted Baker (TED LN) - Co. announced a new CFO effective immediately. (Newswires) 

Telecom Italia (TIT IM) - Reports suggest KKR could lower its bid for Telecom Italia to EUR 0.40 vs prev. EUR 0.505. (Il Messaggero)

UCB (UCB BB) - Co. is poised to invest around EUR 200mln in gene therapy. (Newswires)

BASF (BAS GY) downgraded to Hold from Buy at Deutsche Bank

CaixaBank (CABK SM) upgraded to Buy from Hold at Berenberg

Danske Bank (DANSKE DC) upgraded to Neutral from Underperform at Credit Suisse

UnipolSai (US IM) initiated with Buy at Berenberg

08 Mar 2022 - 07:30- MetalsExclusive- Source: Newsquawk